As per preferred Elliott Wave Analysis presented yesterday USDCHF is in the making of a 7 swing structure. USDCHF was able to break above 0.9560 reaching 0.9610 which was slightly above 0.764 ext of ((w)) – ((x)) and completed 5th swing. Current pull back is swing number 6 in the sequence and could reach as low as 0.9524 – 0.9504 (50 – 61.8 fib) before pair turns higher in the 7th swing. We don’t like selling the pair & view dips as a buying opportunity in 3, 7 or 11 swings as far as pivot at 0.9437 low remains intact which we have highlighted with a green line and an upward pointing green arrow just below that. After 6th swing is over, we expect to see further upside in the pair toward 0.9641 – 0.9689 region.

USDCHF

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